Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2003
- Act Code: TA1967-S496-2003
- Type: Subsidiary Legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Enacting Power: Section 83 of the Trustees Act
- Enacting Formula / Citation: Section 1 provides the short title
- Key Provision: Section 2 declares specific funds as “authorised unit trust schemes”
- Order Date: Made on 21 October 2003
- Legislation Reference: SL 496/2003
- Status (as provided): Current version as at 27 March 2026
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2003 is a Singapore subsidiary legislation instrument made under the Trustees Act (Cap. 337). In practical terms, it is a “designation order”: it identifies particular investment funds that are treated as authorised unit trust schemes for the purposes of the Trustees Act.
Unit trust schemes are collective investment arrangements in which investors hold units in a fund managed by a trustee and/or manager. The Trustees Act regulates how trustees may invest trust assets. Certain categories of investments are permitted, and the legal status of a fund as an “authorised unit trust scheme” can be crucial for trustees when deciding whether a particular fund is eligible to receive trust monies.
This Order does not create a general regulatory framework for unit trusts. Instead, it performs a targeted legal function: it declares two specific funds—DBS Star Track (S$) II and DBS Star Track (US$) II—as authorised unit trust schemes. Once declared, those funds can fall within the investment universe that trustees may use under the Trustees Act, subject to any additional conditions or compliance requirements that apply under the Act and related regulatory regimes.
What Are the Key Provisions?
Section 1 (Citation) is a standard provision. It states that the instrument may be cited as the “Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2003”. While not substantive, this is important for legal referencing in filings, advice, and regulatory correspondence.
Section 2 (Authorised unit trust schemes) is the core operative provision. It provides that “the following funds are hereby declared as authorised unit trust schemes for the purposes of the Act”. The Order then lists two funds:
- (a) DBS Star Track (S$) II
- (b) DBS Star Track (US$) II
From a practitioner’s perspective, the legal effect of Section 2 is that these named funds are recognised as authorised unit trust schemes under the Trustees Act. That recognition matters because trustees typically need to ensure that their investments comply with statutory eligibility requirements. If a fund is not authorised (or otherwise not permitted), trustees may face legal risk, including potential breach of trust or non-compliance with statutory investment restrictions.
Enacting power and ministerial discretion. The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act”. Although the extract does not reproduce section 83, the structure indicates that the Minister for Law has the authority to declare particular unit trust schemes as authorised. This suggests that the designation is not automatic; it is a formal act by the Minister, likely based on assessments or representations concerning the fund and its suitability for trustees’ investment purposes.
Formalities and commencement. The extract includes the “Made this 21st day of October 2003” statement and the signature of the Permanent Secretary, Ministry of Law. The extract does not specify a commencement date within the text provided. In practice, practitioners should confirm the commencement rule in the full instrument or the legislation database. However, given the nature of designation orders, the relevant date is often the date of making or the date specified in the instrument itself.
How Is This Legislation Structured?
This Order is extremely concise. It is structured as follows:
- Section 1: Short title (citation).
- Section 2: The substantive designation clause listing the authorised unit trust schemes.
There are no schedules, no detailed compliance procedures, and no additional substantive rules in the extract. The instrument’s entire function is to declare the specified funds as authorised unit trust schemes for the purposes of the Trustees Act.
Who Does This Legislation Apply To?
The immediate legal beneficiaries of the designation are trustees and those advising trustees. The Trustees Act governs trustees’ duties and investment powers. When a fund is declared an authorised unit trust scheme, trustees can treat it as falling within the permitted category of investments under the Act (subject to any other statutory or trust-specific constraints).
In addition, the designation can be relevant to fund managers, trustees of unit trust schemes, and investors indirectly. While the Order does not regulate the internal operations of the funds, being declared “authorised” can affect marketability to trustees and may influence whether trust investors can lawfully allocate trust assets to the fund. Practitioners advising fund promoters should therefore consider the designation as part of the fund’s eligibility and distribution strategy to trustee investors.
Why Is This Legislation Important?
Although the Order is short, it can be highly significant in trust administration. Trustees are fiduciaries with strict duties. Investment decisions are a common source of disputes and regulatory scrutiny. A statutory designation that a particular unit trust scheme is authorised can reduce uncertainty and support trustees’ compliance with investment eligibility requirements.
From a compliance standpoint, the Order provides a clear legal basis for trustees to include DBS Star Track (S$) II and DBS Star Track (US$) II in their investment portfolios where the Trustees Act requires or permits investment in authorised unit trust schemes. For practitioners, this is valuable because it provides an authoritative reference that can be cited in trust documentation, investment policies, and audit or review materials.
Finally, the Order illustrates how Singapore’s legal framework uses targeted subsidiary legislation to manage eligibility categories. Rather than embedding a long list of funds in the principal Act, the system allows for periodic updates through orders. This means that practitioners should always verify whether a particular fund is currently authorised, and if not, whether there has been a later order, amendment, or replacement instrument. The extract indicates a “current version as at 27 March 2026”, but the underlying designation was made in 2003; therefore, lawyers should confirm whether the authorisation remains effective for the relevant period and whether there have been subsequent changes affecting the funds.
Related Legislation
- Trustees Act (Cap. 337) — in particular, section 83 (the enabling provision referenced in the Order)
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 17) Order 2003 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.